The long run is a time frame in which
A) the quantities of all factors of production are fixed.
B) all costs are sunk costs.
C) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied.
D) the quantities of all factors of production can be varied.

Question

Quizplus · Accepted Answer

In the long run, all factors of production, including capital, labor, and technology, can be adjusted. This contrasts with the short run, where at least one factor of production is fixed.

The Long Run Is a Time Frame in Which